By Neil Jerome C. Morales (The Philippine Star) | Updated February 8, 2014 - 12:00am
MANILA, Philippines - Robinsons Land Corp. (RLC), the property development arm of the Gokongwei family, is launching two more malls, increasing the company’s expansion to four shopping centers this year.
The listed property firm said it will increase its footprint in Metro Manila with the opening of Robinsons Place Antipolo and Robinsons Place Las Piñas late this year.
The two malls will officially be launched on Feb. 24.
Aside from the Metro Manila malls, RLC is also increasing its portfolio in Northern Luzon and the Western Visayas region as it opens Robinsons Place Roxas in Capiz and Robinsons Place Santiago in Isabela this month.
With the addition of Robinsons Place Antipolo and Robinsons Place Las Piñas, RLC will end 2014 with 39 shopping centers.
RLC is jacking up its capital spending by a fifth to P16 billion in fiscal year 2014 ending in September to fasttrack the construction of malls, office buildings and hotels.
Specifically, 80 percent or P12.8 billion will be spent for the construction and completion of shopping malls, office buildings and hotels while the remaining 20 percent or P3.2 billion is allotted for residential condominiums and housing units.
In fiscal year 2013, RLC’s earnings picked up 5.6 percent to P4.47 billion from P4.23 billion as higher costs and expenses offset gains in revenues.
RLC is banking on Metro Manila malls led by Robinsons Galleria and Robinsons Place Manila to continue the growth pace. Most provincial malls are also seen posting decent growth in rental revenues.
Aside from property, the Gokongwei family is also into retail (Robinsons Retail Holdings), budget airline (Cebu Pacific), banking (Robinsons Bank Corp.), petrochemicals (JG Summit Petrochemicals Corp.), and snacks and beverage (Universal Robina Corp.).